Industrial Logistics Properties Trust creates $680m JV with Asian investor

Industrial Logistics Properties Trust (ILPT) has entered into a $680 million joint venture with an Asian institutional investor to own a portfolio of 12 industrial properties comprising 9.2 million square feet, which were predominantly acquired by ILPT in 2019 as part of two large portfolio acquisitions.

The investor will contribute approximately $108 million for a 39 percent equity interest in the new venture, and ILPT will retain the remaining 61 percent equity interest. It closed the joint venture with 11 properties, and the investor will initially contribute approximately $82 million. The venture also assumed $350 million of existing secured debt on the portfolio. A 12th property and $57 million of additional associated debt is expected to be contributed later.

ILPT remains in discussion with an additional institutional investor and currently expects this investor may also acquire a 39 percent equity interest in the joint venture in coming quarters, allowing ILPT t